Avalanche, Solana Jump as Crypto Market Claws Back $26 Billion Overnight

As the wider crypto market recovered some ground on Tuesday, the Avalanche and Solana tokens are among the day's top gainers.

2 min read

Dec 14, 2022

Avalanche (AVAX), the token powering the eponymous blockchain, is up 6.9% over the past 24 hours and is currently trading at a weekly high of $13.65, according to data from CoinGecko.

With a market cap of $4.23 billion, AVAX is currently the market’s 20th largest crypto asset.

The rapid price increase is likely due to Tuesday's release of a mobile version of Core, Ava Lab’s flagship non-custodial multichain wallet, which aims to connect DeFi, NFT, and gaming ecosystems across the Avalanche, Bitcoin, and Ethereum networks, as well as other EVM-compatible blockchains.

The price of AVAX surged as soon as the announcement was made public, hitting a daily high of $14.07 before retracting to current levels.

Other notable developments that may have had a positive impact on the price of the asset include Coinbase launching the ability to trade the USDC stablecoin on Avalanche.

The Avalanche team praised the move, saying that this creates “the fastest and least expensive way… to go from cash to flagship DeFi apps like Aave, Curve, Trader Joe, BENQI, and more.”

Solana follows the trend

Solana (SOL), which came under increased scrutiny in the wake of the FTX collapse, surged 5.4% over the day, currently trading at $13.94, per CoinGecko.

Despite a slight drop of -2.5% over the last week, SOL appears to have largely overcome the turmoil across the cryptocurrency market in November, with the token’s price rising 5.2% over the past 30 days.

Boasting a market capitalization of $5.1 billion, Solana is currently the 17th largest blockchain network.

Elsewhere, bulls had an upper hand over the last day, with Bitcoin (BTC) flirting with the $18,000 level across major exchanges on Tuesday.

The world’s largest cryptocurrency is up 3.8% over the past 24 hours, changing hands at $17,803 by press time, per CoinGecko.

Ethereum (ETH) is up 2.8% over the span, currently trading at $1,321.

The broader cryptocurrency market rose from roughly $881 billion on Tuesday to just above $907 billion today, marking a rise of 3% for the industry's market capitalization.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

Dogecoin Down 23% This Week as Bitcoin and XRP Stumble After Surges

It's been a rough few days for crypto prices after several weeks of upward strides, with Dogecoin losing nearly a quarter of its value over the past seven days as the recently surging Bitcoin and XRP mark their own substantial—but less severe—declines. Dogecoin, the original meme coin and still largest by market cap, is down a current price of $0.31, showing a nearly 5% dip on the day and 23% plunge over the last seven days, per data from CoinGecko. DOGE had ticked back up to nearly $0.35 early...

United States of Bitcoin? These States Are Considering BTC Reserves

Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury. And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit. So far, three states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same. Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work Here'...

AI Won’t Tell You How to Build a Bomb—Unless You Say It’s a 'b0mB'

Remember when we thought AI security was all about sophisticated cyber-defenses and complex neural architectures? Well, Anthropic's latest research shows how today’s advanced AI hacking techniques can be executed by a child in kindergarten. Anthropic—which likes to rattle AI doorknobs to find vulnerabilities to later be able to counter them—found a hole it calls a “Best-of-N (BoN)” jailbreak. It works by creating variations of forbidden queries that technically mean the same thing, but are expre...

News

Courses

Deep Dives

Coins

Videos